Vacasa, a leading vacation rental management platform in North
America, today announced that it has completed its business
combination with TPG Pace Solutions Corp. (“TPG Pace Solutions” or
“TPGS”) (NYSE: TPGS), a publicly traded special purpose acquisition
company. The Business Combination was approved on November 30,
2021, by TPG Pace Solutions’ stockholders. Vacasa’s Class A common
stock is scheduled to begin trading on the Nasdaq Global Select
Market under the ticker symbol “VCSA” on December 7, 2021.
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“The closing of our Business Combination and imminent public
listing marks another important milestone not only for Vacasa and
its employees, but our homeowners, guests, channel partners, and
the broader vacation rental industry,” said Matt Roberts, CEO of
Vacasa. “Funds from the over $340 million of gross proceeds
provided by the transaction will enable us to help accelerate our
execution on our long-term business plan of further enhancing our
technology capabilities and products, adding more homes to our
platform, and improving the vacation rental experience for all
stakeholders.”
“TPG Pace Solutions was attracted to Vacasa for its proven,
scaled business model, favorable secular tailwinds, and experienced
leadership team. The Vacasa team has executed exceptionally well,
with its previously updated full-year 2021 revenue guidance more
than $100 million higher than the initial revenue target provided
when we announced the proposed transaction in July,” said Karl
Peterson, Chairman of TPG Pace Solutions. “I look forward to
continuing to partner with Vacasa as a member of the Board of
Directors.”
With the successful completion of the Business Combination,
Barbara Messing and Karl Peterson will join Vacasa’s Board of
Directors. Both bring extensive travel experience and have operated
and advised premier public companies.
Messing currently serves as the Chief Marketing & People
Experience Officer at Roblox and as a board member of Overstock,
where she’s helped guide both tech-enabled platforms through
various stages of growth. Formerly, she was SVP & Chief
Marketing Officer at Walmart U.S., SVP & Chief Marketing
Officer at Tripadvisor, and held various leadership roles at
Hotwire.com.
Peterson is a Senior Partner of TPG, the Founder and Managing
Partner of TPG Pace Group, and was Co-Founder of Hotwire.com, where
he served as President and CEO. He is Chairman of the Board for
Sabre and Accel Entertainment and is a board member of Playa Hotels
and Resorts.
Advisors
J.P. Morgan Securities LLC acted as lead financial advisor to
Vacasa. PJT Partners LP also acted as financial advisor to Vacasa.
KeyBanc Capital Markets Inc. acted as capital market advisors to
Vacasa.
Deutsche Bank Securities Inc. and TPG Capital BD, LLC acted as
financial advisor to TPG Pace Solutions.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC,
Goldman Sachs & Co. LLC, and TPG Capital BD, LLC, acted as
capital markets advisors and PIPE placement agents to TPG Pace
Solutions.
BTIG, LLC, JMP Securities LLC, Needham & Company, LLC,
Oppenheimer & Co. Inc., and Northland Securities Inc. also
acted as capital market advisors to TPG Pace Solutions.
Latham & Watkins LLP acted as the legal advisor to Vacasa,
and Weil, Gotshal & Manges LLP acted as the legal advisor to
TPG Pace Solutions.
Mayer Brown LLP acted as the legal advisor to Deutsche Bank
Securities Inc., J.P. Morgan Securities LLC and Goldman Sachs &
Co. LLC.
About Vacasa
Vacasa is the leading vacation rental management platform in
North America, transforming the vacation rental experience by
integrating purpose-built technology with expert local and national
teams. Homeowners enjoy earning significant incremental income on
one of their most valuable assets, delivered by the company’s
unmatched technology that adjusts rates in real time to maximize
revenue. Guests can relax comfortably in Vacasa’s 35,000+ homes
across more than 400 destinations in North America, Belize and
Costa Rica, knowing that 24/7 support is just a phone call away. In
addition to enabling guests to search, discover and book its
properties on Vacasa.com and the Vacasa Guest App, Vacasa provides
valuable, professionally managed inventory to top channel partners,
including Airbnb, Booking.com and Vrbo.
For more information, visit https://www.vacasa.com/press.
About TPG
TPG is a leading global alternative asset firm founded in San
Francisco in 1992 with $109 billion of assets under management and
investment and operational teams in 12 offices globally. TPG
invests across five multi-product platforms: Capital, Growth,
Impact, Real Estate, and Market Solutions. TPG aims to build
dynamic products and options for its clients while also instituting
discipline and operational excellence across the investment
strategy and performance of its portfolio. For more information,
visit www.tpg.com or @TPG on Twitter.
About TPG Pace Group and TPG Pace Solutions
TPG Pace Group is TPG’s dedicated permanent capital platform.
TPG Pace Group has a long-term, patient and highly flexible
investor base, allowing it to seek compelling opportunities that
will thrive in the public markets. TPG Pace Group has sponsored
seven SPACs and raised more than $4.4 billion since 2015.
Forward-Looking Statements
Certain statements made in this Press Release are
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as “anticipate”, “believe”, “expect”, “estimate”,
“plan”, “outlook”, and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, actual results may differ materially from
Vacasa’s expectations or projections. The following factors, among
others, could cause actual results to differ materially from those
described in these forward-looking statements: (i) changes in
applicable laws or regulations; (ii) the ability of the combined
company to meet its financial and strategic goals, due to, among
other things, competition, the ability of the combined company to
pursue a growth strategy and manage growth profitability; (iii) the
possibility that the combined company may be adversely affected by
other economic, business, and/or competitive factors; (iv) the
continuing or new effects of the COVID-19 pandemic on Vacasa; and
(v) other risks and uncertainties described herein.
You should carefully consider the foregoing factors and the
other risks and uncertainties described in the “Risk Factors”
section of the joint registration statement/proxy statement on Form
S-4 filed by Vacasa, Inc. and its other filings with the U.S.
Securities and Exchange Commission. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements.
The foregoing list of factors is not exclusive. Readers are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Vacasa does not
undertake or accept any obligation to release publicly any updates
or revisions to any forward-looking statements to reflect any
change in its expectations or any change in events, conditions or
circumstances on which any such statement is based, subject to
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211206005868/en/
Sarah Tatone sarah.tatone@vacasa.com
TPG Pace Solutions (NYSE:TPGS)
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